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CBS
Nov 26, 2012 4:00am PST
programs like medicare and social security. now taxes are getting all the attention right now but these talks also need to address the federal debt limit. it's set by law at $16.4 trillion. the nation is already approaching the national debt of $16.3 trillion. nobody wants a repeat of that summer standoff we went through last year. >> certainly so. susan mcginness in washington this morning, thank you so much. >>> while washington is worried about the fiscal cliff it appears the average american is looking to spend. the holiday shopping season got started in record fashion thanksgiving night and the spending spree lasted through the weekend. according to the retail research firm big insider, a record of 247 million shoppers visited stores or websites over the four-day weekend, an increase of more than 9%. and they spent more than they ever have before, an estimated $59.1 billion. retailers hope the shopping frenzy continues today, cyber monday. cbs morning watch's ashley morrison is here in new york with that and more, good morning to you. >> good morning to you. americans' holida
CBS
Nov 29, 2012 4:00am PST
details such as spending cuts and changes to the tax code, medicare and medicaid. >> he's out there campaigning for his position. i get it. we understand it. at the end of the day he has to lead on this issue. >> reporter: some republican lawmakers have said they are willing to compromise on the tax issue. oklahoma representative tom cole said the gop should sign off on the middle class extension. but house speaker john boehner isn't ready to budge yet. >> it will hurt small businesses, hurt our economy. it's why this is not the right approach. >> reporter: on capitol hill on wednesday, erskine bowles met with both sides. he's the co-chair of the committee that drew up a plan to cut the federal debt. >> i'm hopeful but don't put me down anywhere near optimistic category. we got a long way to go and very few days to get it done. >> reporter: and some signs of compromise from the democrats. the house democratic leader nancy pelosi is giving some hints her party may be willing to consider some of those offers made between the president and speaker boehner during last year's budget talk
CBS
Nov 27, 2012 4:00am PST
medicaid and medicare on the negotiating table. >> the math just doesn't work anymore. not because the programs are bad, but because thank goodness, we're living a lot longer. >> reporter: republicans are also signaling they're more open to compromise. many in the house are distancing themselves from a no-tax increase pledge they signed. they say they'll agree to raising tax revenue by limiting deductions for the wealthy. >> without compromising our principles, we put skin on the game and recognition of the fact that while democrats don't run this town, neither do we. >> reporter: but the two sides remain far apart on the main sticking point. republicans oppose any increase in tax rates for the wealthy. the president refuses to sign any legislation extending the current tax rates to the top 2% of earners. the president's been in negotiations with house speaker john boehner and has said he's willing to put almost anything on the table except social security. he wants to deal with that separately next year, but republicans want all entitlements included in talks. they want the president
CBS
Nov 28, 2012 4:00am PST
entitlement programs like medicare and medicaid. today the president discusses the issues with leaders of major corporations. he met with small business leaders yesterday. susan mcginnis is in washington. >> reporter: while the two sides remain deadlocked president obama is taking his case to the american people trying to drum up support. republicans are complaining that instead of being out campaigning he needs to sit down with them and work out a deal. it's a short drive up pennsylvania avenue from the capital to the white house but congressional republicans and president obama are getting farther apart in their effort to keep the nation from veering off the so-called fiscal cliff. a series of tax hikes and spending cuts due to kick in at the end of the year. >> seems like our friends on the other side is having difficulty turning off the campaign. >> reporter: the white house says the campaign gives the president support from the american people. >> the election was conclusive in terms of which path a majority of the american people want to take. >> reporter: president obama will tr
Search Results 0 to 3 of about 4